Q&A - Central stage - Central counterparties are about to take centre stage in the revamped over-the-counter derivatives market — A development that has given rise to a set of global principles for their management and supervision. William Dudley, president of the Federal Reserve Bank of New York, talks to Risk about the new framework.

CREDIT RISK - SPECIAL REPORT - Credit funds - Spreading Credaris - Credaris Portfolio Management originally launched as an investment vehicle to manage HSH Nordbank's structured credit assets. Now, it is open to external clients, and plans to further build its investment base.

Pengelly, Mark, (2006)

When hedge funds attack - The financial crisis has combined with catastrophic performances among hedge funds to decimate the fund derivatives industry, staunching new deal flow and causing many banks to pull out of the business.

Pengelly, Mark, (2009)

Variance swaps - An aversion to variance - As volatility spiked in late 2008, variance swaps contributed to huge bank losses, particularly in single stocks. Some dealers have now stopped quoting single-stock variance swaps, while activity in the broader market has been scaled back.

Pengelly, Mark, (2009)